Bitcoin and get rich quick syndrome - page 5.

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Quote from: Kelward on September 05, 2023, 05:38:34 PM

Years back when I started hearing about bitcoin, I used to think that it was very easy and a shortcut to success. This perception was informed by the way people projected bitcoin, that if you want to get rich quick, you should just go into bitcoin.

When most people are being introduced to bitcoin investment, they think it's so easy and that if they invest immediately, they will make good profits. Most of them do hear from their friends that they are making money from bitcoin investments, and they won't care to know how it works. They will just end up jumping into the investments thinking they are going to make quick money there. After joining and losing money, they will start to understand that bitcoin investment is not a get rich quick scheme.

If you really want to make money with bitcoin investments, you should have patience and be able to hold them for a long time. After investing, you shouldn't expect profits in a few days or hours.

Quote from: Kelward on September 05, 2023, 05:38:34 PM

So do you think that I'm correct about bitcoin, that it is not an easy way to get rich quick as some people will make believe, and it is just like other ventures where there is no guarantee of getting rich?

The only people that will think bitcoin investment is a get-rich-quick scheme are those who haven't invested in bitcoin yet, but people that are already in bitcoin know that you can't make quick money from bitcoin investment. If you are in a rush to look for quick money, then you might end up losing money in the process.

Vaculin

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Winding down.

Bitcoin and it’s get rich quick syndrome is totally a misinformation. In any type of investment, there is always a risk and there’s no shortcut to succeed on it. Most particularly for bitcoin where it’s one of the most high risk assets that anyone must decide to venture into bitcoin should gain the basic requirements first so they won’t end up losing and become frustrated. Perhaps this get rich quick syndrome was only for those who invest with greed but without knowledge, because in reality bitcoin is never easy to deal with and you’ll gain series of losses at first before you can say you’re getting profits already.

coolcoinz

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Quote from: Despairo on September 06, 2023, 02:10:45 AM

First understand 1 BTC = 1 BTC, saying Bitcoin will make you become rich or poor is incorrect, as long as you not sell your coins, it's still an unrealized profit/lose.

Hoping you can get rich quick through Bitcoin is completely wrong, in order to get rich you must have high income, so you will have a lot money to invest. If you only work and get paid with average salary in your country, you need to bear few people cost in your house or a sandwich generation, it's impossible you can get rich through investing Bitcoin only.

On one hand you use the slogans coined by bitcoiners, fiat critics and people who hate speculators (1btc=1btc) and then you use wall street terminology (unrealized loss).
Decide on which side you are because wall street will hate the buy and hold, and not your keys not your coins people, but they;ll gladly introduce you to terms like high risk assets or shorting bitcoin with leverage.

I say fuck all those chart masters who will tell you that bitcoin is in a bear market because a line crossed another line, or because it went down 20%.

In 2021 bitcoin made a new ATH, lost 50% from its ATH and then made another ATH. If we operate on wall street's terms it was in a bull market, then bear market, then bull market again and ended up in bear market in November, all in 1 year.

Bottom line, hold it and they will eventually come begging that you sell it to them for the price it is today, mark my words.

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Quote from: Churchillvv on September 05, 2023, 05:51:56 PM

The get rich quick scheme is what is leading people into traps. I think there is no get rich quick anywhere but hard work, your correct mate but this thread should be in the bitcoin discussion

Hmm, Firstly yes the thread seems to be belonging to the Bitcoin section, Secondly, it never always leads you to traps, (Using shortcuts), as OPsaid he did the same to get rich he used a shortcut but fortunately, it was Bitcoin and now OP know almost everything about the BTC its potential, how it works and how far it can worth in near future, OP used shortcut rather than falling into POZI or TRAP he got something unexpected an investment opportunity, an experience and now He is learning about the market I think one of the best digital skill ever. Hard work can make you successful in the task which you are performing but mart work can make you rich.

Who works hard on a daily wager or Ellon Msuk, obviously a daily wager? To get rich you have to option be determined or get involved in Scams, You will be rich haha not at all preferable life should have only limited resources in which one should realize their worth having too much can lead to personality destruction. Having a lot of resources can lead you to Nowhere (it's not MCU so don't fantasize).

ZAINmalik75

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Quote from: Kelward on September 05, 2023, 05:38:34 PM

people who want to trade bitcoin must diligently study about it, know the technicalities and terminologies of it, before venturing into it. Even at that you can not accurately predict the outcome whether the price will pump or dump.

You are right, actually this has already discussed in various topic but still besides the fact how much times it was discussed its importance increases each time because everytime we are learning something new. People at first are confused about trading and holding as the single investment methods while they are not. Both are different. Therefore proper guide and knowledge of both is also necassary to gain profits. Otherwise one will only face loss.

Quote from: Kelward on September 05, 2023, 05:38:34 PM

Unlike fiat which the amount in your bank account remains what it is, bitcoin in your wallet will constantly fluctuate,

I want to correct you from here that, if you have fiat in banks then it will not remain the same as they are currently as with inflation increasing they will be losing there price or value. As if we apply the same concept which you just applied on fiat then the actually satoshi will remain the same even if the price of btc goes down what actually will happen is the value of those same satoshi will decrease. But in fiat you have the same amount of fiat in banks but value of those fiat will 100% decrease due to high inflation so it is better to keep funds in btc as it is a hedge against inflation.

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Quote from: Kelward on September 05, 2023, 05:38:34 PM

Years back when I started hearing about bitcoin, I used to think that it was very easy and a shortcut to success. This perception was informed by the way people projected Bitcoin, that if you want to get rich quickly, you should just go into Bitcoin. Today I know better that the perception is wrong because people can lose their hard-earned money in Bitcoin, leaving them worse off than when they started it. The volatile nature of Bitcoin makes it to be quite unpredictable, people who want to trade Bitcoin must diligently study it, and know the technicalities and terminologies, before venturing into it. Even at that, you can not accurately predict the outcome of whether the price will pump or dump.

People who have good knowledge about Bitcoin we never tell people that Bitcoin is getting rich quickly because they know the process involves the patience of holding Bitcoin for a long time before the profit will come. I think newbies in Bitcoin send the wrong message to their fellow newbies that Bitcoin is a get-rich quickly because they might be lucky to make huge profits from Bitcoin without holding it for a very long time.
quote][/quote]

Quote from: Kelward on September 05, 2023, 05:38:34 PM

Unlike fiat which the amount in your bank account remains what it is, bitcoin in your wallet will constantly fluctuate, meaning that there is a chance that you can gain or lose your bitcoin. This confirms that the chances of getting rich can also make you poor. Although the probability of earning in Bitcoin, is more than losing in it, if the person understands how to speculate the factors that determine the supply and demand of it, also be disciplined.

Even though your fiat remains the same as you deposit it in your bank account the value of that fiat will never remain the same. Inflation will make the fiat in your bank account lose its value. For instance, something you bought for $10 last year, you can buy that same thing for $15 this year.

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Quote from: Kelward on September 05, 2023, 05:38:34 PM

Unlike fiat which the amount in your bank account remains what it is, bitcoin in your wallet will constantly fluctuate, meaning that there is chances that you can gain or lose your bitcoin. This confirms that the chances of getting rich can also make you poor. Although the probability of earning in bitcoin, is more than loosing in it , if the person understood how to speculate the factors that determines the supply and demand of it, also to be disciplined.

When we first invested in bitcoin, it was with the a little money we had. It felt as though I was going to lose especially as I was watching the market price daily. But as I read more and gained more concrete knowledge, the gains started to come in slowly.

Before the knowledge of DCA strategy, I started to target the dips in the price. That was the time I begun to buy more bitcoins.

Quote from: Kelward on September 05, 2023, 05:38:34 PM

So do you think that I'm correct about bitcoin, that it is not an easy way to get rich quick as some people will make believe, and it is just like other ventures where there is no guarantee of getting rich?

Never trust, verify. Always. Even if a close pal of your is persuading you to invest in a project. Do your research first before jumping all in. Or if you can't wait, invest just a tiny fraction of the money which you know that you can afford to lose then do your own research for yourself. Get educated.

jcojci

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Years ago, I never thought bitcoin was a shortcut to quick riches and success. But they are wrong. Only those who are willing to be patient and buy bitcoin when the price is still cheap can experience success by selling bitcoin at a very high price.

Bitcoin is not a way to get rich quickly and you must be able to hold the bitcoin firmly because there will be frequent up and down waves in the market.

You are right that bitcoin is not an easy way to get rich because everything requires a process that must be followed and you must be patient.

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Quote from: Kelward on September 05, 2023, 05:38:34 PM

Years back when I started hearing about bitcoin, I used to think that it was very easy and a shortcut to success. This perception was informed by the way people projected bitcoin, that if you want to get rich quick, you should just go into bitcoin.

This is what the most people think about Bitcoin, I was too.
In fact, because I was so disappointed that it didn't turn out to be a reality, I was so down and hated the crypto world for several months. Until they didn't see the market because of the very sad price drop in 2018. And finally I realized that in this world nothing is instant. Trying to come back to gather passion in crypto and learn more and more.

Luckily there are many shares of experience on this forum. So that I can get more knowledge, info, and also various sharing related to Bitcoin and crypto in general. So I am increasingly aware that Bitcoin is not the way to become overnight success. There will be a process to go through. And from that process we should be able to become better and wiser in investing. It's not easy to let go of disappointment. But those who obey, finally Bitcoin proves again that this is a valuable asset, very valuable, but not something to make us rich overnight.

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Quote from: Kelward on September 05, 2023, 05:38:34 PM

Today I know better that the perception is wrong, because people can actually loose their hard earned money in bitcoin, leaving them worse off than when they started it. The volatile nature of bitcoin makes it to be quite unpredictable, people who want to trade bitcoin must diligently study about it, know the technicalities and terminologies of it, before venturing into it. Even at that you can not accurately predict the outcome whether the price will pump or dump.

The only people that lose money investing in bitcoin are those who believe in generating quick money. You cannot lose money in bitcoin if you have the patience to keep onto your bitcoins in whatever market condition since, even after a long period of time, 1 BTC remains 1 BTC. However, some individuals do think they can profit quickly from Bitcoin trading and end up plunging in without sufficient understanding. These people do experience financial losses and ultimately accuse Bitcoin of doing so.

Quote

Unlike fiat which the amount in your bank account remains what it is, bitcoin in your wallet will constantly fluctuate, meaning that there is chances that you can gain or lose your bitcoin. This confirms that the chances of getting rich can also make you poor.

The value of bitcoin fluctuates and not the amount of bitcoin you hold, the fluctuations happen due to market conditions but it will never affect the quality or amount of BTC you hold.

On the other hand, Fiat do lose value due to inflation, you can still have the same amount you keep in the bank but will lack value due to inflation, but Bitcoin will gain value.

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Quote from: Kelward on September 05, 2023, 05:38:34 PM

Years back when I started hearing about bitcoin, I used to think that it was very easy and a shortcut to success. This perception was informed by the way people projected bitcoin, that if you want to get rich quick, you should just go into bitcoin. Today I know better that the perception is wrong, because people can actually loose their hard earned money in bitcoin, leaving them worse off than when they started it. The volatile nature of bitcoin makes it to be quite unpredictable, people who want to trade bitcoin must diligently study about it, know the technicalities and terminologies of it, before venturing into it. Even at that you can not accurately predict the outcome whether the price will pump or dump.

Unlike fiat which the amount in your bank account remains what it is, bitcoin in your wallet will constantly fluctuate, meaning that there is chances that you can gain or lose your bitcoin. This confirms that the chances of getting rich can also make you poor. Although the probability of earning in bitcoin, is more than loosing in it , if the person understood how to speculate the factors that determines the supply and demand of it, also to be disciplined.

So do you think that I'm correct about bitcoin, that it is not an easy way to get rich quick as some people will make believe, and it is just like other ventures where there is no guarantee of getting rich?

It is absolutely true that Bitcoin is not a shortcut to get rich. This is the crypto currency market, there is no guarantee that you will get profit in every case. Here you can get a good profit, and there is a risk of losing your capital. Bitcoin and crypto currency market fluctuates, and people make profit from these fluctuations, but it is not as easy as it seems, it requires a lot of hard work, knowledge and experience.

Both profit and loss in Bitcoin depends on where you invest in Bitcoin and where you take your profits. A good entry can give you good profits and a wrong entry can also lead to loss of your capital. So you are right for those who want to trade in Bitcoin it is important to know about Bitcoin and crypto currency market first. One should know about market volatility and bear season, bull season, technical analysis, fear and greed and chart reading. From which they can have a good idea about the fluctuations of the market.

However, Bitcoin is the only crypto currency in the entire crypto currency market that can be trusted and where our capital is considered safer than other crypto currencies. There is no guarantee that you can invest in Bitcoin whenever you want and you will get profit. The lower you enter the market, the better profit you can make and the bear season is considered the best entry.

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Quote from: Kelward on September 05, 2023, 05:38:34 PM

This perception was informed by the way people projected bitcoin, that if you want to get rich quick, you should just go into bitcoin.

You are right OP, but these set of people should also know that no legal business can make someone get rich overnight, because the business will be faced with so many unforseen obstacle for it to grow. Bitcoin is also the same and buying and holding is the only way to make profit and you should be able to pass through the complete circle which is four years. Not an easy thing when you are not discipline.

Quote from: Kelward on September 05, 2023, 05:38:34 PM

Today I know better that the perception is wrong, because people can actually loose their hard earned money in bitcoin, leaving them worse off than when they started it.

It is when that person is misinformed about the market and bought at the wrong time. What I mean is that when he buys at ATH and the market moves the the bearish side. He would be discouraged and sell due to FOMO,because he doesn't understand the market speculation, that the price will pump within the four years circle.

Quote from: Kelward on September 05, 2023, 05:38:34 PM

bitcoin in your wallet will constantly fluctuate, meaning that there is chances that you can gain or lose your bitcoin. This confirms that the chances of getting rich can also make you poor.

There is a high tendency that you will make profit than loss, if only you can be patient with your investment and hodli for long. You will loss your bitcoin or make loss, either if you are a newbie in trading or you are a short term investor who invested with loan or money that is meant for other important purposes.

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Bitcoin does not fluctuate, its value continues to change, and those who have achieved wealth are those who bought when the price was low they continued not to sell and sold at a point where their first investment multiplied tens or hundreds of times. These stories are rosy and beautiful, but their flaw is that every year Bitcoin’s ability to double weakens because in the past $10 million, $100 million, or even a billion dollars was enough to make price rise by 100% but in the future, Bitcoin may need several trillion dollars to be able to achieve a 100% increase, which is something that may not happen quickly compared to bitcoin 2011/2013/2015.

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Quote from: Kelward on September 05, 2023, 05:38:34 PM

~snip~

So do you think that I'm correct about bitcoin, that it is not an easy way to get rich quick as some people will make believe, and it is just like other ventures where there is no guarantee of getting rich?

^ If you are fool enough to sell your BTC under the price you purchased, that is a big mistake. If you HOLD it, it will remain the amount and probably just ignore the value towards the dollar. Because if you HOLD 1 BTC it will remain 1 BTC. The fact is some people invest in BTC without fully understanding how it works, its underlying technology (blockchain), or its inherent risks. This lack of knowledge can lead to unrealistic expectations and beliefs about its profit potential. I would rather suggest everyone read first the whitepaper of BTC and why it was created, not for the purpose of a quick rich scheme. The guarantee of making a profit is at the right time.

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You nailed it right. There’s no shortcut to success. Everything has its own process. Even with bitcoin wherein most people find it as a get-rich quick tool. In fact, if you care less about bitcoin knowledge and just focus on how to maximize profits, then you’ll end up losing all your wealth than expecting huge profits. Bitcoin is a highly volatile asset that makes it very risky to invest and trade. Though some are seeing it as a reliable source of profits, but it also depends on your abilities and skills and if you’re consistent in using working techniques and strategies. If you are seeing yourself for now not capable to overcome the risks, then it’s better not to invest or trade bitcoin but learn first everything about it.

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Quote from: Kelward on September 05, 2023, 05:38:34 PM

Unlike fiat which the amount in your bank account remains what it is, bitcoin in your wallet will constantly fluctuate, meaning that there is chances that you can gain or lose your bitcoin. This confirms that the chances of getting rich can also make you poor. Although the probability of earning in bitcoin, is more than loosing in it , if the person understood how to speculate the factors that determines the supply and demand of it, also to be disciplined.

If you are not in haste and you invested in bitcoin, you can first think that you are losing if you invest, but later you will gain.

But if you want to invest in bitcoin and earn more, you have to study the time to buy the dip.

Quote from: Kelward on September 05, 2023, 05:38:34 PM

So do you think that I'm correct about bitcoin, that it is not an easy way to get rich quick as some people will make believe, and it is just like other ventures where there is no guarantee of getting rich?

You do not have to trust people. A friend can even tell you to invest on something that belongs to scammer s and all of you would be scammed together at once. People have to do their own research, no matter how true what they hear from other people is.

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Quote from: Kelward on September 05, 2023, 05:38:34 PM

So do you think that I'm correct about bitcoin, that it is not an easy way to get rich quick as some people will make believe, and it is just like other ventures where there is no guarantee of getting rich?

Yes you are correct, bitcoin does not make one to become rich quick. This is a mindset that has always cause people to lose their money in investing, I think what has really made people to have this belief of becoming rich in bitcoin is the si call bitcoin advisers in the social media. This people go ahead telling people about bitcoin how it can make one to become rich but fails to go into details to let beginners know what they need to know about Bitcoin that it is not possible to become rich so quick in investing bitcoin. Most beginners have the mindset of becoming rich because the news they get from social platforms.

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Quote from: lovesmayfamilis on September 06, 2023, 03:54:24 AM

Anyone who believes that you can get rich quickly with Bitcoin should look around and see rich and successful people everywhere.

What they see even are not real stories and not from people who got rich with Bitcoin.

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If it were that easy, think about it, wouldn't people do it? It is on the basis of these misconceptions that we meet people who sell their valuables in a hurry and buy Bitcoin, completely unaware of all the pitfalls that can be expected along the way.

Selling all assets they have, bet all money they get to Bitcoin is very dangerous. I am not saying this because Bitcoin is not a good investment asset but nobody knows about future. Even Bitcoin has risk if you invest in it. In addition to this, if a person is newbie, it takes time to learn and use Bitcoin wallet safely to store bitcoins. If betting all money in Bitcoin but don't know how to store it safely, what will happen with their life if all their bitcoins are hacked.

Will they continue to live well or will they suicide?

I am against easily get rich story and bet all assets, money in Bitcoin.

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Quote from: Kelward on September 05, 2023, 05:38:34 PM

Years back when I started hearing about bitcoin, I used to think that it was very easy and a shortcut to success. This perception was informed by the way people projected bitcoin, that if you want to get rich quick, you should just go into bitcoin. Today I know better that the perception is wrong, because people can actually loose their hard earned money in bitcoin, leaving them worse off than when they started it. The volatile nature of bitcoin makes it to be quite unpredictable, people who want to trade bitcoin must diligently study about it, know the technicalities and terminologies of it, before venturing into it. Even at that you can not accurately predict the outcome whether the price will pump or dump.

Many people have lost money due to the misconception that you can easily make money just by buying Bitcoin. They also assume that bitcoin is like other altcoins that experience push and dump. Bitcoin investment is designed for those who are patient and willing to keep their funds for a long time. People will only lose money in bitcoin if they sell their coins prematurely due to fear of the unknown. There is no way you can lose all your investment in Bitcoin.

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Unlike fiat which the amount in your bank account remains what it is, bitcoin in your wallet will constantly fluctuate, meaning that there is chances that you can gain or lose your bitcoin. This confirms that the chances of getting rich can also make you poor. Although the probability of earning in bitcoin, is more than loosing in it , if the person understood how to speculate the factors that determines the supply and demand of it, also to be disciplined.

The value of fiat is influenced by inflation. Some currencies have lost almost 90% of their value in a few years. There is no certainty that fiat currency will have the same value after a few months or years.

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So do you think that I'm correct about bitcoin, that it is not an easy way to get rich quick as some people will make believe, and it is just like other ventures where there is no guarantee of getting rich?

Bitcoin is an investment that can give you profit. It's ability to make you rich depends on how much you bought the coin, the quantity you own, how long you are willing to keep it and how much you sell it. If you by a large quantity at a very cheap price, hold it for many years and sell when the price goes very high, you might become rich. But owning a small quantity and selling it within a short time might not give you the kind of money you want.

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Anyone who believes that you can get rich quickly with Bitcoin should look around and see rich and successful people everywhere. If it were that easy, think about it, wouldn't people do it? It is on the basis of these misconceptions that we meet people who sell their valuables in a hurry and buy Bitcoin, completely unaware of all the pitfalls that can be expected along the way. Therefore, the one who is not ready to wait for a certain period to make a profit, the one who panics and sells during a fall, as well as the one who does not handle his deposits carefully, creates that negative side that other people listen to after not trying to figure everything out on their own. You should always check information from several sources, then turn on the logic and decide whether it is worth investing and how much you would consider a profit.

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